The FTX scandal and its ex-CEO has been making headlines since last year when allegations of fraud arose. The media continues to follow the case and new revelations have once again sparked a flurry of activity on the internet.
This time, however, the news is positive; bringing hope amidst a tumultuous period as Sam Bankman-Fried recently reached an accord with federal prosecutors on the contentious issue of his use of encrypted messaging app to communicate with ex-FTX workers during bail.
Why Sam Bankman-Fried has been restricted to use encrypted massaging apps?
Following Sam Bankman-Fried’s bail, prosecutors and victims alike have been apprehensive of potential witness tampering. To avoid this dire situation, they have strived to forbid any interaction between former colleagues beforehand.
However, recently, news of a business tycoon’s attempt to contact an ex-employee via an encrypted messaging app while out on bail has raised US prosecutors’ eyebrows and created a stumbling block for Sam Bankman-Fried’s bail as this technology ensures encrypted conversation that nobody can track, helping people to keep personal information secure.
According to concerned prosecutors, these apps will help Sam to manipulate the witnesses and proofs. Fortunately, after a contentious discovery, Sam Bankman has been prohibited from using encrypted messaging apps and contacting former employees by SBF.
Hearing this news, the prosecutors and victims must have heaved a sigh of relief. The FTX case is yet another example of the consequences of criminal fraud, with the accused having to pay a large bail amount and still remaining under house arrest until his trial. This incident serves as an unfortunate reminder that actions have consequences, particularly when it comes to financial wrong doing.